An agreement hammered out this month set the assessment at $36.72 million. That's far below the mall's original $53 million assessment, but much higher than the $15 million that the owners sought.

The struggling mall has switched hands three times in recent years, with Moonbeam Capital Investments purchasing the mall at an online auction last fall.

The county, town and school district will be forced to repay the amount that was overtaxed from the 2010-11 fiscal year to the present.

Here's why every county taxpayer should care:

• It's not just DeWitt that's feeling the pain: the biggest loser is actually the Jamesville-DeWitt school district, which extends beyond DeWitt's borders. J-D must repay almost $1.5 million under the deal. (The district's budget is just over $51 million.)

And every taxpayer in the county is responsible for repaying roughly $600,000 to the mall's former owners.

The Town of DeWitt is only responsible for about $300,000. It can absorb the hit over two budget years, Cerio said.

• Neither side gets everything: the $36.72 million assessment is close to midway between what each side wanted.

Town Supervisor Ed Michalenko said he still feels the mall is worth closer to the $53 million. But the mall's attorney has pointed out that it sold last year at auction for $13.65 million.

So why wasn't the assessment automatically lowered to $13.65 million, as is custom in home sales? Michalenko said that the sale didn't reflect the mall's true value, since it was sold at a "fire sale" after the owners refused to make a huge mortgage payment.

Cerio noted that the current owners, Moonbeam Capital, had reason to see some value maintained in the property. But the higher the assessment, the bigger the burden to the owner.

"We were trying to come up with a balance that reflects the property currently as it exists," Cerio said.

• The settlement holds the mall's value steady for three years: Moonbeam can't challenge the $36.72 million assessment by the standard grievance process for several years under state law, Cerio said.

That provides some stability for the town and school district moving forward.

• But...the new owner is also challenging mall's value in court: the recent settlement only applies to the mall's former owners. The current one, Moonbeam, filed a lawsuit to get the assessment reduced even further. That's a much different process than a standard tax grievance.

But Michalenko said he's confident that the town is on solid footing now. "I feel strongly we can defend ourselves going forward," the supervisor said.

Lack of optimism for new owner? Michalenko expressed frustration with Moonbeam's ownership so far.

The supervisor pointed to the town's desire to secure $250,000 in state economic development money to look at the mall's future. The mall was required to put up $80,000 to get the grant, Michalenko said.

When that didn't appear likely, the town agreed to pay $40,000 of the mall's share. By the time the owners agreed to the deal, it was too late -- the mall had lost out on the state money, Michalenko said.

"My optimism toward the new owner is not high," Michalenko said. Staff writer Brian Liberatore contributed to this report.